Official Press Conference
"I've called all of you from the media here today because I am announcing my retirement from the Registered Rep forum." (shock and awe in the audience, gasps)
"The reasons for my decision are due to the fact I find that I can not reach certain personal levels of achievements while I routinely find myself losing an hour throughout the day reading and responding to post that are 90% irrelevant garbage from people not in the business, people who shouldn't be in the business, or people now out of the business that wish they were back in (no names needed)."
"I appreciate the 10% of you that have contributed positively to this forum, and I wish all of it's members well. I look forward to my retirement, where I will spend it talking to clients, making phone calls, placing trades, and generally making more money. My career here has been a good distraction, but as they say, all good things must come to an end."
"I will not be taking any questions, and I appreciate your attendence."
(rush of questions, bulbs flashing)
Good. Go away.
[quote=BankFC]
… post that are 90% irrelevant garbage [/quote]If this keeps up The Rep will probably just shut down the forum.
Listen, if you spend an hour on these boards, you absolutely should either limit yourself to 15 minutes per day or abstain completely.
I spend no more than 15 minutes a day on these boards (M-F). And I don't hit every topic and I avoid replying to trolls. And I very rarely ever visit these boards during working hours. (Note for newbies: Trainee working hours are 7:30AM to 9:00PM.)
Doberman,
Why would anyone work 13 or 14 hour days? It is unproductive and a waste of time. Unless they are volunteering, at a networking event or hosting a seminar they should go home and exercise, read or have relations with their spouses.
This work a million hours BS has got to go. I know everyone hates the bank, it sucks,etc but I rarely work 8 hours, never have I worked more than 10. I can walk into SB, ML and get a check for 500K today, can you? I have a half million reasons to leave the bank (probably more) and I am staying put, tell ya anything rookies?
Why would a real firm with real brokers lay down half a million to a guy whose assets are stuck at a bank in fixed annuities? Is it your under 8 hours/day work ethic?
HS I can take the check any time I want to, I just don’t want to leave the environment I find rewarding. I have a total of maybe 20 annuity contracts in my entire book, nice try. How about you? Last time I checked all you wrote was IA’s and VA’s.
Bill Bachrach wrote in a recent article it should take 3-5 years to build a “smart” business and after that you should be able to run that business by working 3 days a week because you use systems. I don’t think I could work three days a week yet, but that is my long term plan. I sense jealousy in your words.
[quote=BankFC]
“I will not be taking any questions, and I appreciate your attendence.”
[/quote]
“One question, one question, FC. Did you finally realize that real brokers
and advisers regard you as nothing more than a cheese-d*ck fixed-annuity
pitchman, and didn’t give a crap about what you had to say about anything.
Is that why you’re leaving?”
(No answer, no comment, whatever)
Because if it is, don’t let the door hit 'ya where the good Lord split 'ya.
You cheap suit wearing, where tellers go when they grow up, community
college graduate with a degree in Business Administration flunkie! Now, go
screw some old lady out of her life savings. Loser!"
I don't quite understand much of the vitrol in this thread. I echo almost all of what bankrep1 has previously stated. If you enjoy this business and you are lucky/smart enough to find your own niche who's to criticize whether it's in a wirehouse, indy or bank platform?
I try to stress to my clientele that life is all about balance. It would be hypocritical of me to put in 55 hour weeks.
Why do bank brokers have the reputation that all we are allowed to present to clientele are fixed annuities? I have never even solicited a fixed annuity (or VA) in the short tenure I have run my practice.
Work smart; not hard
scrim
lack of spellcheck alert:
vitriol
If I'm going to use an SATlike word I should have the decency to correctly spell it.
My apologies in advance.
Scrim
[quote=bankrep1]HS I can take the check any time I want to, I just don't want to leave the environment I find rewarding. I have a total of maybe 20 annuity contracts in my entire book, nice try. How about you? Last time I checked all you wrote was IA's and VA's.
Bill Bachrach wrote in a recent article it should take 3-5 years to build a "smart" business and after that you should be able to run that business by working 3 days a week because you use systems. I don't think I could work three days a week yet, but that is my long term plan. I sense jealousy in your words. [/quote]
Interesting...this "business" that you're building...can you sell it?
Vitriol is an SATlike word?
Would everybody who could pick up a check for half a million, but simply don’t want to, please raise your hands.
[quote=Soon 2 B Gone]Vitriol is an SATlike word?
Would everybody who could pick up a check for half a million, but simply don't want to, please raise your hands.
[/quote]
I could, but why take a check to have my income cut in half and have a boss?
[quote=bankrep1]Doberman,
Why would anyone work 13 or 14 hour days? It is unproductive and a waste of time. Unless they are volunteering, at a networking event or hosting a seminar they should go home and exercise, read or have relations with their spouses.
This work a million hours BS has got to go. I know everyone hates the bank, it sucks,etc but I rarely work 8 hours, never have I worked more than 10. I can walk into SB, ML and get a check for 500K today, can you? I have a half million reasons to leave the bank (probably more) and I am staying put, tell ya anything rookies? [/quote]
Sorry, BankFC, I know enough about bank biz to know your book isn't locked into fixed annuities, but I'm also aware you'd never get a check of that size. Wirehouses know how low a percentage of your book (coming from a bank) will move and they suspect just what you said when it comes to work ethic.
[quote=Soon 2 B Gone]
Would everybody who could pick up a check for half a million, but simply don't want to, please raise your hands.
[/quote]
Here. Why, did you have a question?
[quote=mikebutler222]
[quote=bankrep1]Doberman,
Why would anyone work 13 or 14 hour days? It is unproductive and a waste of time. Unless they are volunteering, at a networking event or hosting a seminar they should go home and exercise, read or have relations with their spouses.
This work a million hours BS has got to go. I know everyone hates the bank, it sucks,etc but I rarely work 8 hours, never have I worked more than 10. I can walk into SB, ML and get a check for 500K today, can you? I have a half million reasons to leave the bank (probably more) and I am staying put, tell ya anything rookies? [/quote]
Sorry, BankFC, I know enough about bank biz to know your book isn't locked into fixed annuities, but I'm also aware you'd never get a check of that size. Wirehouses know how low a percentage of your book (coming from a bank) will move and they suspect just what you said when it comes to work ethic.
[/quote]
Amen.
You’ll notice that my response of “trainee working hours being 7:30AM to 9:00PM” was directed toward trainees, not experienced FA’s. As for its relevance to trainees, I’ve never known a trainee who truly worked those hours and failed. Just sayin’…
[quote=mikebutler222]
[quote=bankrep1]Doberman,
Why would anyone work 13 or 14 hour days? It is unproductive and a waste of time. Unless they are volunteering, at a networking event or hosting a seminar they should go home and exercise, read or have relations with their spouses.
This work a million hours BS has got to go. I know everyone hates the bank, it sucks,etc but I rarely work 8 hours, never have I worked more than 10. I can walk into SB, ML and get a check for 500K today, can you? I have a half million reasons to leave the bank (probably more) and I am staying put, tell ya anything rookies? [/quote]
Sorry, BankFC, I know enough about bank biz to know your book isn't locked into fixed annuities, but I'm also aware you'd never get a check of that size. Wirehouses know how low a percentage of your book (coming from a bank) will move and they suspect just what you said when it comes to work ethic.
[/quote]
Darn it Mike, you made me come out of retirement. The comment about the $500,000 check was made by BANKREP1, not BankFC. If your going to dispute someone's comment as to the state of offers on the table, AT LEAST ADDRESS THE CORRECT POSTER.
[quote=Soothsayer][quote=BankFC]
"I will not be taking any questions, and I appreciate your attendence."
[/quote]
"One question, one question, FC. Did you finally realize that real brokers
and advisers regard you as nothing more than a cheese-d*ck fixed-annuity
pitchman, and didn't give a crap about what you had to say about anything.
Is that why you're leaving?"
(No answer, no comment, whatever)
Because if it is, don't let the door hit 'ya where the good Lord split 'ya.
You cheap suit wearing, where tellers go when they grow up, community
college graduate with a degree in Business Administration flunkie! Now, go
screw some old lady out of her life savings. Loser!"
[/quote]
Wow, you have a serious complex. Maybe lacking in a certain area???
[quote=BankFC][quote=mikebutler222]
[quote=bankrep1]Doberman,
Why would anyone work 13 or 14 hour days? It is unproductive and a waste of time. Unless they are volunteering, at a networking event or hosting a seminar they should go home and exercise, read or have relations with their spouses.
This work a million hours BS has got to go. I know everyone hates the bank, it sucks,etc but I rarely work 8 hours, never have I worked more than 10. I can walk into SB, ML and get a check for 500K today, can you? I have a half million reasons to leave the bank (probably more) and I am staying put, tell ya anything rookies? [/quote]
Sorry, BankFC, I know enough about bank biz to know your book isn't locked into fixed annuities, but I'm also aware you'd never get a check of that size. Wirehouses know how low a percentage of your book (coming from a bank) will move and they suspect just what you said when it comes to work ethic.
[/quote]
Darn it Mike, you made me come out of retirement. The comment about the $500,000 check was made by BANKREP1, not BankFC. If your going to dispute someone's comment as to the state of offers on the table, AT LEAST ADDRESS THE CORRECT POSTER.
[/quote]
All you BANK guys look the same to we brokers, Sorry
Hey Mike, the offer is based on me bringing over a certain level of assets, I assumed 50%, I know I can bring 50% at least also many of my clients have large stock accounts that I could take over, I refuse that business now because I don’t want to be glued to the phone, we have no research etc, I kept a list of people I have turned away because we just weren’t set up to service that type of business, if I went to say a wire I would likely pick up some of this business as well.
HS yes I can sell it for 500K right now, but I don’t want to do that I am having way to much fun. How much can you sell your annuity business for - $0
[quote=bankrep1]Hey Mike, the offer is based on me bringing over a certain level of assets, I assumed 50%, I know I can bring 50% at least ... [/quote]
No, not buying it. 50% is really the high end on moving bank assets and wirehouses know you haven't prospected, which is what they really want from you. Any manager worth his salt would see your work ethic in the first 5 minutes.
If you were offered 30% of you trailing 12 I'd be surprised. What would that be for you, $100K, tops?
Mike are you jealous?
[quote=bankrep1]Mike are you jealous? [/quote]
Mike gets it. If you were in business or had a busines, you'd get it, too.
How much can you sell your book of annuities for?
[quote=bankrep1]How much can you sell your book of annuities for?[/quote]
I've already sold it. The annuity companies have paid me about $2,500,000 for it. The cool thing is that I have some that are coming out of surrender and I get to sell it all over again.
Your an employee earning sales commissions. How much can you sell your clients to another agent for $0 (i refuse to call you an advisor), so how do you own anything? You don’t.
If I wanted to slam people into IA’s and VA’s all day and make huge commissions I could, it does not take talent, it just takes a slimeball mentality, one has to care only about themselves.
[quote=bankrep1]Your an employee earning sales commissions. How much can you sell your clients to another agent for $0 (i refuse to call you an advisor), so how do you own anything? You don't.
If I wanted to slam people into IA's and VA's all day and make huge commissions I could, it does not take talent, it just takes a slimeball mentality, one has to care only about themselves.[/quote]
I own everything that the $2.5mm bought.
[quote=mikebutler222][quote=BankFC][quote=mikebutler222]
[quote=bankrep1]Doberman,
Why would anyone work 13 or 14 hour days? It is unproductive and a waste of time. Unless they are volunteering, at a networking event or hosting a seminar they should go home and exercise, read or have relations with their spouses.
This work a million hours BS has got to go. I know everyone hates the bank, it sucks,etc but I rarely work 8 hours, never have I worked more than 10. I can walk into SB, ML and get a check for 500K today, can you? I have a half million reasons to leave the bank (probably more) and I am staying put, tell ya anything rookies? [/quote]
Sorry, BankFC, I know enough about bank biz to know your book isn't locked into fixed annuities, but I'm also aware you'd never get a check of that size. Wirehouses know how low a percentage of your book (coming from a bank) will move and they suspect just what you said when it comes to work ethic.
[/quote]
Darn it Mike, you made me come out of retirement. The comment about the $500,000 check was made by BANKREP1, not BankFC. If your going to dispute someone's comment as to the state of offers on the table, AT LEAST ADDRESS THE CORRECT POSTER.
[/quote]
All you BANK guys look the same to we brokers, Sorry
[/quote]Actually is it US brokers...and it is not the first time you've had reading comprehension issues Mike.
Maybe lay off the midday cocktails???
[quote=BankFC] [quote=mikebutler222][quote=BankFC][quote=mikebutler222]
[quote=bankrep1]Doberman,
Why would anyone work 13 or 14 hour days? It is unproductive and a waste of time. Unless they are volunteering, at a networking event or hosting a seminar they should go home and exercise, read or have relations with their spouses.
This work a million hours BS has got to go. I know everyone hates the bank, it sucks,etc but I rarely work 8 hours, never have I worked more than 10. I can walk into SB, ML and get a check for 500K today, can you? I have a half million reasons to leave the bank (probably more) and I am staying put, tell ya anything rookies? [/quote]
Sorry, BankFC, I know enough about bank biz to know your book isn't locked into fixed annuities, but I'm also aware you'd never get a check of that size. Wirehouses know how low a percentage of your book (coming from a bank) will move and they suspect just what you said when it comes to work ethic.
[/quote]
Darn it Mike, you made me come out of retirement. The comment about the $500,000 check was made by BANKREP1, not BankFC. If your going to dispute someone's comment as to the state of offers on the table, AT LEAST ADDRESS THE CORRECT POSTER.
[/quote]
All you BANK guys look the same to we brokers, Sorry
[/quote]
Actually is it US brokers...and it is not the first time you've had reading comprehension issues Mike.
Maybe lay off the midday cocktails???
[/quote]
YOU may think you're a broker, but your clients think you're that nice kid at the bank and the guy that has their real money is the real broker.
LOL,
You're a joke, and you spend your friday nights rummaging through rr.com posts from 2 years ago, so that you can try to "out" (unsuccessfully) some anonymous forum poster.
Pathetic indeed.
I am in my thirties, I know that is young, but I think most people don’t look at me as a kid maybe a younger man, but not a kid, now when I was 22 sitting there probably. If my good clients have other money I would be shocked they were able to accumulate those types of assets, I know the ones whose money I don’t have YET.
[quote=Helter Skelter]
[quote=bankrep1]How much can you sell your book of annuities for?[/quote]
I've already sold it. The annuity companies have paid me about $2,500,000 for it. The cool thing is that I have some that are coming out of surrender and I get to sell it all over again.
[/quote]That is callled churning. Despite current securities laws do not govern insurance products there are laws coming that will prevent this activity...details of which will soon be made avilable. In essence the agent on the contract will be limited to the commissions paid for a set period of time. Rolling anuity products every 5 to 10 years are ending. The annuities you write today for the 8% commission? Thats fine, but don't expect to get paid again on it unless it comes out of an insurance product, in which case securities laws will step in and limit up front commissions based on the fact it is coming out of an insurance product for which you were already paid.
Rightway, I think you're making assumptions and getting ahead of yourself.
What, for example, is wrong with taking profits from a VA and locking them into a fixed annuity?
[quote=rightway] [quote=Helter Skelter]
[quote=bankrep1]How much can you sell your book of annuities for?[/quote]
I've already sold it. The annuity companies have paid me about $2,500,000 for it. The cool thing is that I have some that are coming out of surrender and I get to sell it all over again.
[/quote]
That is callled churning. Despite current securities laws do not govern insurance products there are laws coming that will prevent this activity...details of which will soon be made avilable. In essence the agent on the contract will be limited to the commissions paid for a set period of time. Rolling anuity products every 5 to 10 years are ending. The annuities you write today for the 8% commission? Thats fine, but don't expect to get paid again on it unless it comes out of an insurance product, in which case securities laws will step in and limit up front commissions based on the fact it is coming out of an insurance product for which you were already paid.
[/quote]
You're just plain dumb. Are you the only one who knows about these "securities laws?"
[quote=Starka]
Rightway, I think you're making assumptions and getting ahead of yourself.
What, for example, is wrong with taking profits from a VA and locking them into a fixed annuity?
[/quote]
Or taking advantage of the new benefits on VAs that were not available years ago. I agree, and so does our compliance team, that there must be a substatial benefit TO THE CLIENT to substantiate making these types of changes. With my B/D we have to document the reasons before being allowed to move from one VA to another VA and the client has to sign the documentation as well. Even if I wasn't required to do this.....I would anyway. CYOA
I have no problem with policy and benefit upgrades with informed
clients and being paid for it in the process, I do it all the
time. Neither does my compliance officer. In fact I
am surprised at the reactions to my post.
My point was directed at the notion of rolling your book as part of a business plan…I believe the quote was "The annuity companies have paid me about $2,500,000 for it. The cool
thing is that I have some that are coming out of surrender and I get to
sell it all over again."
This “Cool Thing” is not so cool. I am not dumb, and I am
aware I do not have the market on SEC and insurance laws, I just read
them. We all can run our practices how we see fit, but for those
not as experienced that may look to these boards for some thought, I
think my view is of value.
Source URL:https://www.wealthmanagement.com/forums/general/official-press-conference